IDEAS home Printed from https://ideas.repec.org/p/imf/imfscr/2026-141.html

Greece: Financial Sector Assessment Program-Technical Note on Insolvency and Creditor Rights and Workout of Distressed Debt by Credit Servicers

Author

Listed:
  • International Monetary Fund

Abstract

This paper presents a Technical Note on Insolvency and Creditor Rights and Workout of Distressed Debt by Credit Servicers for the Greece Financial Sector Assessment Program. This note provides an overview of the insolvency and creditor rights’ regime in Greece and analyzes select relevant aspects in the context of an overall assessment of the Greek financial sector. The note also focuses on the workout of distressed debt by credit servicers. The process of mortgage enforcement has significantly improved compared to a decade ago, but more needs to be done to further align it with the standard. Greece has a modern legal toolkit for the resolution of enterprise distress, but a formal reorganization process is lacking. The Bank of Greece (BoG) should improve the supervision of credit servicers, given the systemic amount of distressed debt they manage and the slow pace of NPL resolution achieved to date. The enhanced cooperation should help the authorities remove remaining technical impediments to efficient workouts by credit servicers, including access to up-to-date contact information of distressed debtors and dealing with the backlog of cases related to the Katseli Law.

Suggested Citation

  • International Monetary Fund, 2026. "Greece: Financial Sector Assessment Program-Technical Note on Insolvency and Creditor Rights and Workout of Distressed Debt by Credit Servicers," IMF Staff Country Reports 2026/141, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2026/141
    as

    Download full text from publisher

    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=576986
    Download Restriction: no
    ---><---

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;
    ;
    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:imf:imfscr:2026/141. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Akshay Modi (email available below). General contact details of provider: https://edirc.repec.org/data/imfffus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.